HomeMy WebLinkAboutCS 19/00(15R ���,�
' REPORT TO C�UNCIL,
FROM: Gillis A. Patcrson DATE: Novcmbcr 30, 2000
llirector, Corporatc Services & Trcasurcr
RI?PORT NUMBER; CS 19-00
SUBJECT: 2000 Year End Financial Position
RECOMMENDATION:
It is recommended that Report CS 19•00 of the Direcror, Corp�xatc Scrvices & Trcasurer
rcgarding the 2000 year end financial position be received by Council and that:
I, any surplus current operating funds at ycar cnd 2000, in excess of $110,000 be transferted to
thc Devclopmcnt Charge Projects — City Sharc - Rcscrvc �und; and,
2. lhc appropriate slaff at the City of Pickering 6c authoriud to give effcct thereto.
ORIGIN:
Director, Corporatc Scrviccs & Trcasurcr
AUTFIORITY:
Dcvclopmcnt Charges Acl, 1997
1999 Developmcnt Charges Smdy for thc City of Pickcring (Rcport No. FIN 22-99 — Resolutian
of Council No. I G9/99), Rccommcndation No. I 1.
FfNANCIAL IMPLICATIONS:
Adoption of thc Rccommcndations will proviJc for thc transfcr of any surplus in cxccss of
$110,000 to bc transferred to the Development Charge Projects — Ciry Sharc - Reserve funJ to
provide for thc payment of thc Ciry's sharc of thc cost of projects included in the 1999
Developmcnt Chnrge Study approved by Council and contained in one of the subsequent annunl
Capital Budgets. Under the Development Charges Act nnd the Study adoptcd by Council the
City is obligated to provide for its sharc of thc funding from rcvenues othcr thnn Devclopmcnt
Churges. This rcquircment amounts to npproximately $2.4 million annuully whercas 5400,000
was provided for this purpose in the 2000 Currcnt Budgct.
EXECUTIVE SUMMARY:
Thc adoption of thc Rccommcndntions will nssist in providing the mcuns for thc Ciry ro mcct its
financial obligations undcr the Dcvclopment Chargcs Act nnd Ihe 1999 Devclopmcnt Ch¢rE;es
Study adoptcd by Council. If the projccts included in the study ure to procced, with Council's
approval in an unnuul Cnpital Budget, financing must bc provided. Sprcuding thesc finnncinl
rcquiremcnls ovcr the 10 year tcrm of the aWdy, pccks in thc dcmnnd for funds cmi be miligated.
i�
,
;�.
.' Report to Council CS 19-00 Datc: Novcmber 30, 2000 n 5�%
Subject: 2000 Ycur End Finnncial Position Pa�e 2
BACKGROUND:
In August of 1999 undcr Report FIN 22-99 Council adoptcd thc Rccommendations of thc
Director of Finance and Trcasurer in regnrds to a new Development Charge policies and practiccs
undcr the Development Charges Act, 1997. The previous study wns conducted in 1991 and an
update was long overdue.
Recommendation 2 adopted by Council stated:
"The Capilnl Ii'orks Forecnsts contained in the Backgroiaid Sludy be lndicalive of
Coi�nci!'s infenlion !o ensure �hnt Ide capila! erpendih�res required �o �neet !!re
rrurease in �icerl jor servrces relnted �o �/�e forerns�ed developmen� wi!! be ntet, us
req�dred under Purugrrrph 3 ojStrb-Seclion S(1) ojrGe Developnieiu Charges Acr,
/997: '•
Rccommendation 11 further stated:
"Reserve Frrnds bc es/nhlished jor t6e Tou�n's slmrc, i.e. fhe iionrleve/opment
drarge portron, oj �he cos�s oj sernires inchrded in rhe Derefopinent Cliarges
Srudy nnd 1Gnf co�uri6nliais Ge inchrJer! in the Anmml Current Budget jor
ca�sidcrnlron hr Cou»cil; "
Adoption of Ihe Recommcndations contained in this reporl should assist us in mceting our
commitments for2000.
In Pebruary, 2000 Council uppro��ed the following Rccommcndation as containcd in Report CS
07•00:
"6. A�iv surph�s operu�ing fruiJs ut ��enr cnd 1000, in ercess of S1J0,000 be
�rnnsjerred lo the Xu�c Srnbilirariorr Reservc; "
It is morc appropriatc that such Rccommcndations bc approvcd by Cauncil prior to 1hc ycar end
hence the report is put bcforc you for your considcration •rt this time.
ATTACHMENTS:
Nol applicable
Prepared By/Approved/Endorsed By:
! .�
Gillis A. Pntcrson,
Director, Corporatc Scrvices & Trcasurcr
GAP:vw
RccommcnJed for thc considcmtion of Pickcring
Ciry Council
. ,.
M
fL / �
T o as J. ui Ch f Administ 'vc O iccr